The weaknesses associated with the U.S. dollar are now commonly acknowledged, as evidenced by the BRICS nations’ efforts to promote de-dollarization and the growing risk of U.S. debt default, which have undermined public confidence in the currency. Although gold remains the primary alternative investment option for many investors, Bitcoin (BTC) has recently risen in popularity and is now considered one of the top three preferred assets.
Despite the introduction of numerous new cryptocurrency assets, BTC had been losing its prominence. However, according to a recent survey by Bloomberg, Bitcoin is still a popular choice among investors who consider it to be a superior safe haven asset compared to the U.S. dollar, the Japanese yen, and the Swiss franc.
The report indicates that a majority of professional investors (51.7%) and retail investors (45.7%) are more interested in buying gold. A smaller proportion of professional investors (14%) and retail investors (15.1%) are willing to purchase government bonds. A relatively small percentage of professional investors (7.8%) and retail investors (11.3%) are more inclined towards buying Bitcoin.
Bitcoin Adoption Surges: Over One Million Addresses Now Hold 1 BTC or More
According to a recent report by Glassnode, the market sentiment has seemingly impacted Bitcoin’s on-chain metrics. The report reveals that the number of wallet addresses holding one BTC or more has now surpassed a significant milestone of one million.
The presented chart depicts how Bitcoin was able to maintain its holders despite experiencing a crash in 2022. Towards the end of the year, there was a rise in the number of “whole-coiners” – individuals holding at least one full Bitcoin. Furthermore, the number of addresses holding 100 Bitcoin or more has increased by 200 addresses in the past four days, signifying a notable rise.
Bitcoin has often been considered a safe haven asset, but its slump in 2022 caused considerable disturbance in the financial market. The cryptocurrency’s value decreased by more than 65% over the course of the year, leading many to write off the digital currency. However, the data presented above suggests a renewed interest in and trust of the BTC ecosystem, indicating a resurgence of the cryptocurrency.
Additionally, there were indications of the king coin’s price recovering. At the time of reporting, BTC experienced a 1.64% daily surge, rising from a low of $26,762.25 to $27,280.38.